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Sep 30, 2021
Laureate Q3 2021 Earnings Report
Strategic focus on growth reflected in the strength of third quarter results. Company increased full-year 2021 guidance after completing all pending divestitures.
Key Takeaways
Laureate Education reported a 10% increase in revenue to $267.7 million, driven by higher enrollment in Peru. Operating income was $35.1 million, a significant improvement from the previous year's operating loss. Net income reached $360.1 million, primarily due to the gain on the sale of Walden University. Adjusted EBITDA increased to $75.9 million.
Revenue increased by 10% to $267.7 million, primarily driven by higher enrollment in Peru.
Operating income was $35.1 million, compared to an operating loss of $(318.2) million in the third quarter of 2020.
Net income was $360.1 million, primarily attributable to the gain on sale of Walden University.
Adjusted EBITDA was $75.9 million, as compared to $50.4 million for the third quarter of 2020.
Laureate
Laureate
Forward Guidance
Laureate is updating its full-year 2021 guidance to reflect an improved outlook.
Positive Outlook
- Total enrollments expected to be approximately 385,000, reflecting growth of 14% versus 2020
- Revenues expected to be in the range of $1,075 to $1,085 million, reflecting growth of 8%-9% on an organic constant currency basis versus 2020
- Adjusted EBITDA expected to be in the range of $247 to $253 million, reflecting growth of 34%-37% on an organic constant currency basis versus 2020.
Challenges Ahead
- Anticipated Adjusted EBITDA in 2021 is prior to rightsizing of Corporate G&A infrastructure
- Includes approximately $13 million of non-cash charges related to the write-off of an indemnification asset related to a prior period acquisition.